Public Employees Retirement System of Ohio Purchases New Stake in Rivian Automotive, Inc. $RIVN

Public Employees Retirement System of Ohio bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 241,425 shares of the electric vehicle automaker’s stock, valued at approximately $4,189,000.

Several other institutional investors also recently made changes to their positions in RIVN. Newbridge Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new position in Rivian Automotive during the fourth quarter worth about $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Rivian Automotive in the third quarter valued at about $31,000. Zions Bancorporation National Association UT acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $33,000. Finally, Oslo Pensjonsforsikring AS acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at approximately $39,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $15.91 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The firm has a market cap of $23.04 billion, a PE ratio of -6.17 and a beta of 1.62. The firm has a 50 day simple moving average of $16.56 and a 200-day simple moving average of $15.91. Rivian Automotive, Inc. has a 1-year low of $12.39 and a 1-year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. Rivian Automotive’s revenue was up 27.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.97) earnings per share. On average, equities analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 819,178 shares of the company’s stock, valued at $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 41,167 shares of company stock worth $718,956 in the last 90 days. Insiders own 1.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RIVN shares. UBS Group raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Wells Fargo & Company upped their target price on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Royal Bank Of Canada lifted their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, TD Cowen boosted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $19.05.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.